Every long term care insurance firm has its own long term care insurance underwriting so when you are thinking about requesting long term care quotes, you have to consider at least five or seven companies so that you can freely compare their offerings.
It’s just like when you’re shopping. Isn’t it you don’t enter a boutique and buy the first item that you see on the display rack, instead, you compare its style and price with a similar item that is sold in another boutique. Those people who compare and weigh the consequences of products and services that are made available to them often always end up with the best product.
With the smorgasbord that you’re about to look at though, you’re going to need some assistance from an experienced LTCI agent. Personally, I would go for an insurance agent who was recommended by a friend or relative but if that would be impossible in your case, you can consult your state’s department of insurance to get a list of LTCI agents who are licensed to market and sell long term care plans in your area.
Now let’s say you’ve finally found an LTCI representative who can help you with those quotes, start supplying him with the much-needed information such as your present health condition, your family’s health history, preferred long term care (LTC) setting, amount of coverage, and budget for the annual premium among others.
Your agent will come back to you armed with tons of LTCI quotes which you have to read and study carefully. You will definitely notice discrepancies and this is why you have to take time out from your busy schedule in order to be able to go through each of these quotes.
I guess everyone of us wants to have the best things in life. However, attaining them is not always a piece of cake. Aging is a reality of life and we will all grow old to the point that we can no longer perform even the most basic of tasks.
Having said that, we all need to be prepared for the worst. While nobody can predict the future, it’s a good decision to come up with long term care plans.
Long term care costs can be very expensive. Without the approriate insurance, a person can eventually deplete his or her assets. According to many experts, people from the babyboomer generation should get long term care insurance as early as possible when they’re still healthy and the premiums are still much lower. By doing so, you’ll be able to enjoy maximum flexibility in your policy.
If you are among those who are hesitant to get LTCi, think again. Don’t believe everything you read online or in the newspapers about the cons of long term care insurance. Weigh your options and know exactly what coverage of long term care is most appropriate for you.
Many have many misconceptions that this type of insurance, saying that is just a waste of money. Some believe that if the person doesn’t use it, he or she will just waste their money on the premiums. Don’t believe this fallacy.
Others also think that Medicaids enough for them to address long term care expenditures. This is another fallacy. Although Medicaid pays for nursing home expenses, it only pays for half of the entire costs in the USA. Aside from that, you can only be qualified for Medicaid if you exhaust most of your financial assets.
So if you want to secure your financial future and protect your savings, then purchase long term care insurance.
Being an only child and single to date, I would need to pay for care 40 or 50 years from now. Although my grandparents died in their sleep as I mentioned earlier, it does not follow that the same thing will happen to me.
What if I manage to reach 90 years old healthy but incapable of driving to my doctor’s clinic, shopping for my personal stuff, cooking my own meals, or even bathing myself? How pathetic would it be to just lie down all day and wait for death to come for me because I couldn’t afford a home health aide or at least someone to cook my food and clean my house?
According to long term care experts, 19 years from now the cost of care will increase fourfold. If the current hourly rate of a home health aide is $19 that would be $76 per hour or $145,920 annually beginning 2030.
I wouldn’t want to degrade myself nor incite pity that’s why I took the time to study long term care insurance information and even research and compare long term care quotes. Besides, looks like my uninsured aunts and uncles are going to need me in the years to come, so I think I made the right decision in planning my future at the age of 30.